RIL talking to Orix to buy IL&FS holding for $1.2 bln

From Indiatimes.com: The Reliance Industries group is negotiating with Japan’s Orix Corporation to acquire its 23.87% stake in Infrastructure Leasing and Finance Company (IL&FS for around $1.2 billion. Apart from Orix and LIC , IL&FS’ large shareholders include Abu Dhabi Investment Authority.
If the deal materialises, it will make the Reliance group the second largest investor in IL&FS after Life Insurance Corporation of India (LIC) and will pave the way for its entry into the financial services business……………………………………….Full Article: Source